Tyre Maker Michelin Q1 Sales Fall 14.2 percent

French tyre manufacturer Michelin on Tuesday posted 14.2 percent lower first quarter sales at 3.5 billion euros and said its 2009 focus would be on cash as the industry battles a crisis.

 

Michelin said in a statement it was well on track to generate positive free cash flow in 2009. It said price increases carried out in 2008 had a positive impact.

 

Tyre and equipment makers have suffered as automakers have been forced to slash production to cut down on costly stocks of unsold vehicles as the recession has dried up demand for new cars.

Michelin shares closed down 2.75 percent at 35.65 euros on Tuesday, just before the sales figures were released. The benchmark CAC-40 index was down 1.66 percent.

 

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